Kingfisher selling B&Q Taiwan stake for $106.5 million

LONDON (MarketWatch) -- Britain's Kingfisher
KGF, -1.72%
said it's selling its half-share in B&Q Taiwan to partner Test Rite International for $106.5 million (51.6 million pounds). In the year to Feb. 3, its stake generated a profit before tax of 5 million pounds. "Our Taiwanese joint venture has been a success, providing good investment returns for shareholders while also acting as a useful springboard for entering the large and fast-growing mainland Chinese market. However, after 11 years of expansion B&Q Taiwan now offers only limited opportunities for future market share growth for Kingfisher," the company said.

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